The British economy released its preliminary growth estimate for the second quarter of this year. The advance second quarter GDP estimate shocked markets after it showed that the economy managed to grow by 1.1% during the three months ending June 31, compared with the previous quarter's reported expansion of 0.3% and better than the expected 0.6%.

In addition, the index showed an expansion over the yearly basis, reaching 1.6%, compared with the previous contraction of 0.2%, while also beating market expectations of 1.1 percent.

Gross value added was 1.1%, compared with a quarter earlier rise of 0.3%, while the total services industries index rose by 0.9%, from the first quarter's 0.3%.

Catering and repair index reversed its 0.7 percent drop that was witnessed in the first quarter of this year, to rise in the second quarter by 0.7%, while the government finance and other services rising by 1.3%, compared with a quarter earlier rise of 1.0 percent.

Agriculture, hunting, forestry and fishing index rose by 0.3%, from a quarter earlier slump of -2.2%, while the manufacturing, electricity gas and water index rose by 1.6% during the second quarter, from the first quarter's 1.4%, finally construction surged 6.6%, compared with the previous quarter slump of 1.6 percent.